GRIMY TIMES EXCLUSIVE: A 51-year-old Dallas man, Carlton Chadbourne Sayers, also known as Chad Sayers, has been slammed with serious charges after being indicted for orchestrating a multi-million-dollar real estate investment fraud scheme in the Eastern District of Texas.
SHERMAN, Texas – The feds have had their hooks into Sayers, who was nailed by a federal grand jury on March 8, 2017. He’s now staring down the barrel of up to 30 years behind bars for charges including wire fraud, mail fraud, bank fraud, and aggravated identity theft. The feds dropped the hammer when they unsealed the indictment on Mar. 15, 2017, and Sayers showed up in court before U.S. Magistrate Judge Christine Nowak, where he entered a plea of not guilty on Mar. 16, 2017.
According to the grim details laid out in court, Sayers is accused of preying on unsuspecting investors by promising high returns from his Wellington and Franklin Financial, a business he controlled. The alleged scam involved using investors’ money for real estate purchases and renovations that never happened, as well as securing multiple investments against a single piece of property already encumbered with loans. Many of the victims had no experience in real estate investing, duped by Sayers’ fake promises of secure investments and returns far beyond what they could expect from other options. The scheme is said to have cost investors over $3 million.
The feds aren’t taking any chances. If convicted, Sayers, who was arraigned before U.S. Magistrate Judge Christine Nowak, will be looking at a serious stretch of time behind bars. But as always in the criminal justice system, the final say on his sentence will rest with the court based on the advisory sentencing guidelines and other statutory factors. A sentencing hearing is set to take place post-presentence investigation by the U.S. Probation Office.
This case has been a top priority for the Federal Bureau of Investigation (FBI), which has been investigating Sayers, and Assistant U.S. Attorney Tom Gibson is handling the prosecution with an iron fist. However, it’s important to remember that an indictment is not evidence of guilt; all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
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Key Facts
- State: Texas
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime|Organized Crime
- Source: Official Source ↗
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